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Below the Quote on Market Wrap Up by Shrikant Chouhan, Head Equity Research, Kotak Securities Ltd

Today, the benchmark indices registered a fresh all time high of 24309/80074. The Nifty ends 162 points higher while the Sensex was up by 545 points. Almost all the major sectoral indices were traded in to the positive territory but Private bank index outperformed rallied over 2 percent. Technically, after a gap up opening market comfortably trading above 24200/79600 resistance level which is largely positive.

In addition, on intraday charts it is holding higher high and higher low formation, which supports further uptrend from the current levels. We are of the view that, as long as the index is trading above 24200/79600 the bullish structure is likely to continue. Above the same, the market could rally up to 24400/80200. Further upside may also continue which could lift the index up to 24500/80500. However, below 24200/79600 the texture could change. Below the same, traders may prefer to exit out from the trading long positions.

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